Sunday, December 13, 2015

RBI nod to three cos to set up trade receivables discounting system

Reserve Bank of India (RBI) granted an "in-principle" approval to three companies to set up and operate a new Trade Receivables Discounting System (TReDS) to be formed under the Payment and Settlement System (PSS) Act 2007.
A joint venture between the National Stock Exchange's NSE Strategic Investment Corporation Limited (NSICL) and Small Industries Development Bank of India (SIDBI), private sector lender Axis Bank and Gurgaon based Mynd Solutions Pvt Ltd has been granted the node to start a new TReDS system. The approval is valid for 6 months.

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